2- Concordatum: Creditors Board

If the court decides that a deadline is decided by the Court, a creditors’ board of creditors shall be established if the debtor’s receivables have the following qualifications. Creditors are invited to notify the receivables within fifteen days of the announcement date by announcement by the commissioner. In addition, a copy of the final notice is sent by mail to the creditors whose address is certain. It is also stated that the creditors who do not report their receivables will not be accepted to the negotiation process unless they are registered in the balance sheet.

The court shall appoint a commissioner to carry out this process. You can find out what the commissioner should do in our other article: The Tasks of the Konkordato Commissioner. If there is no condition that requires the establishment of the Board, a creditors board can be formed, provided that the creditors’ board is formed, not exceeding seven creditors, and no fees are appreciated.

What are the conditions that make the Board mandatory?

According to the regulation published by the Ministry of Justice in the Official Gazette no 30439:Provided that there are at least three creditor classes, if the number of creditors exceeds two hundred and fifty, or the amount of receivables exceeds 100 million Turkish lira, it is obligatory to establish a creditors’ board.
The main basis of the classification of creditors; their legal qualifications are legal entities or private persons with similar receivables. In addition; pledged creditors are considered to be a separate class in terms of their receivables in the amount of the pledges.

How does the board work / what can it do?

The Board meets at least once a month. The date and place of the meeting are determined by the commissioner. The Board may convene at the request of the absolute majority of the members. It is mandatory to inform the commissioner of the meetings held in this way. The majority of the people present at the meeting can decide by drying. The Commissioner takes this decision together with the signatures and links it to the report.

The task of the Board; to advise the Commissioner in case of foreseen by law. If the Committee finds that the commissioner’s activities are not sufficient, he / she may ask the court to replace the commissioner with a reasoned report. After this request, the court decides exactly by listening to both the board and the commissioner.

Approval of Concordatum Project by the Board

The concordat project prepared by the Borrower shall be submitted to the approval of the creditors board at the meeting held by the commissioner. The debtor must be present at this meeting.

Project;

Half of the creditors and receivables
It is deemed to have been accepted if it has been signed by one-fourth of the registered creditors and more than two-thirds of the receivables.
In this voting, only creditors affected by the concordato project may vote. Receivables pledged are also included in the above account. The court decides whether or not the contentious and delayed accounts will be added to the account.

After the vote, the commissioner shall submit to the court the panel a full report of all the documents concerning concordatia within seven days and a report of whether the project has been adopted and whether it is appropriate or not.

Before the court finalizes the deadline, the court must decide. It may extend the deadline up to six months, provided that more time is needed to decide.

Concordatum – Given Checks:

No criminal proceedings may be imposed on checks that have already been submitted during the concordat and which have been received in due time. Click here to read the article.